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Dublin Economic Monitor Spring 2015

Dublin Economic Monitor Spring 2015

The first Dublin Economic Monitor was launched on Thursday 23rd April 2015. It is a joint initiative of the four Dublin local authorities. The Monitor, the first of its kind to look exclusively at the Dublin City region, tracks 15 key economic indicators, capturing data from the height of the boom to the economic crash and the subsequent recovery.

The Dublin Economic Monitor will be published online every quarter. DKM Consultants were engaged to produce the Monitor. KBC/ESRI were engaged to develop the Dublin consumer sentiment data and MARKIT to develop a new Dublin Purchasing Manager Index (PMI).

Key facts:

• Employment: Unemployment in Dublin is down to 8.9% from a high of 13%. Employment in services, which dominate the Dublin economy, is almost back to peak levels.
• Housing: Dublin’s housing market is showing signs of stabilisation on the foot of Central Bank intervention; however residential rents continue to climb.
• Commercial Property: Office rents are up strongly, while office vacancy rates have fallen significantly.
• Public Transport: Increase in public transport trips reflects the improving economy.
• Airport Arrivals: Dublin Airport arrivals are returning to peak levels.
• Port Traffic: Dublin Port traffic back at peak levels.
• Consumer Sentiment: KBC/ESRI Dublin Consumer Sentiment Index is at its highest level in the 12 year history of the series. 68% of Dublin consumers expect the economic situation to improve in the next 12 months.
• Business Output: MARKIT Dublin PMI signals a sharp increase in business output during the first quarter 2015; new business orders have now risen in ten successive quarters for Dublin based firms.
• Job Creation: Dublin companies continue to increase staffing levels with strong levels of job creation recorded in Q1 2015.

Upon the launch of the Spring 2015 issue, John Lawlor, Director of DKM Economic Consultants said: “The Economic Monitor captures Dublin as it re-emerges from the worst recession in a generation. Leaner and more competitive, it is reasserting its role as the powerhouse of the Irish economy, and one of the most vibrant cities globally.”